Bybit puts together a “token party” with prizes of more than $100,000
Bybit, the bitcoin (BTC) and cryptocurrency exchange, announced the “DEGEN/USDT Token Party,” an exclusive rewards program for its users. The total prize fund is 5,000,000 DEGEN, (equivalent to $113,000). This is the Farcaster social media community currency.
“Bybit x DEGEN: Get 5,000,000 DEGEN! Join us and you can earn rewards through our cryptocurrency collaboration. Get your share of the 5,000,000 DEGEN prize fund!” they announced on the exchange’s social networks.
The event will be available until June 18 and will have two modalities.
The first one is called “Splash Token: Deposit to win a share of the 2,000,000 DEGEN pool” and is exclusive for new users. To participate, you just have to follow these steps:
- Accumulate a deposit volume of at least 6,025 DEGEN ($100), or deposit 100 USDT and trade 100 USDT in the token on the first trade with the Bybit account.
The first 1,250 new users who complete both steps will receive 1,600 of this token, which is equivalent to $36 at the time of writing.
Meanwhile, the other rewards program is called “Splash Token: Trade to earn a share of the 3,000,000 DEGEN pool”.
To accumulate prizes, the user has to trade DEGEN and accumulate a Spot trading volume of at least 1,000 USDT to take a share of the prize pool of 3,000,000 in this cryptocurrency. “The more trading you do, the more of the fund you will get,” was Bybit’s advice.
DEGEN, the Farecaster token
The cryptocurrency was launched by Farcaster’s Degen channel in January 2024 as a community token to reward engagement and posts of quality content. Before the token launch, it was a relatively minor social community.
As Criptonoticias already reported, Farcaster presents itself as a notable decentralized social network (DeSoc) thanks to its focus on user retention, the report says. Launched in September 2022 on Optimism, layer 2 of Ethereum, it was responsible for 30% of DeSoc-related transactional activity in 2024. To date, the network has facilitated more than 6 million unique daily transactions.
In that environment, users can create a series of integrated applications that perform various functions such as profile management and content sharing.
The token can be purchased for cash on Bybit through the spot market. If you do not have one, the investor can easily register and start trading with cryptocurrencies and other available products.
